I first met “J” in her home, which she was renting. Her three young daughters shadowed her, curious about her every move. As a mother of four daughters of my own, I could relate to her. But she was rightfully anxious about her real estate situation.
J and her husband had immigrated to the United States to build a home and a life for their family. They had a nice house in a perfect neighborhood in New Rochelle. However, the house was not theirs. They were renting, and their landlord wanted to sell.
Would they still be able to rent if the homeowner found a buyer? For the moment, the owner was struggling to sell, but the situation was not secure. Plus, J really wanted to own her own house. Rather than continue renting, she wanted to buy a house. Her only requirement was remaining nearby, so that her kids could continue attending the Elementary School where her oldest child was excelling.
J had a lot to worry about, so I knew she had to believe I was invested in her dreams for her to trust me. Her dreams and hopes for her children were exactly the same as mine were when my daughters were young. I truly wanted to help her succeed.
I asked “J” if I could continue to contact her, and we scheduled a follow-up meeting. I talked her through the lending process, and we reviewed everything from down payments to debt to income ratios and their monthly expenses. They weren’t quite ready for the financial leap, but I promised them they would be able to buy in the future.
Since they needed to move, I worked with them to find a rental they could afford. I continued to search for opportunities for J and J, and two years later I found a listing that seemed like a perfect fit. The price was high, but after the house was on the market for six months, I suggested they view it and make a low offer. J was pregnant with twins, kids number four and five! And her parents were planning on moving in to help with the costs of living and childcare. They really needed that house!
I connected J and J to a lender, but they still could not afford the house. After speaking with the lender about their situation, I found a potential solution. If J’s parents would sign on as co-borrowers, they might be able to get a loan approved. The parents were willing to help out and had enough income to make a difference!
J and J have been proud homeowners for seven years. Together with their parents and members of their church, they’ve undertaken numerous upgrades to their home and yard, and continue to maintain the house. Their oldest child is about to graduate from High School, and I could not be more proud.
Have a real estate dream you need help chasing? Give me a call.